Nets has announced the acquisition of Polskie ePłatności (“PeP”), a leading Polish merchant acquirer with an installed base of more than 125,000 POS terminals, offering a broad set of payment solutions for SME merchants. The transaction values PeP’s Enterprise Value at €405 million.
With this acquisition, Nets further strengthens its presence in Poland – one of the most attractive geographies in Europe given its low card penetration and double-digit growth in card usage, driven by the conversion from cash to card payments. This development is further supported by state initiatives promoting in-store electronic payment solutions.
“PeP is the fastest growing payment technology company in one of the fastest growing digital payment economies in Europe, and we have been impressed by the PeP-team, their high-quality in-house operation and business performance,” says Bo Nilsson, CEO of the Nets Group
“This acquisition follows our recent acquisition of Dotpay/eCard and the strategic alliance with Przelewy24, both of which are strong in e-commerce. With PeP’s strength with SME merchants on card acceptance and point-of-sales terminals, this deal has a convincing strategic fit, completing our offering to merchants in Poland.”
PeP has over 600 employees and expects net revenues of around €55 million in 2020.
The acquisition is subject to approval by the respective authorities, and closing is expected to be within the Q3 2020.
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